General overview: The pair hits the higher highs in the market. The USD/JPY is trading on the bid to score the fresh highs in the market. The pair trading towards the higher side in the market. The dollar performance is going towards the north direction in the chart .The dollar established overnight strength in the market. The pair makes the positive momentum in the chart and creates the positive move in the market. Japan will publish Tokyo inflation, industrial production and consumer confidence figures. Wall Street’s recovery provided little support to the pair, as weighed on the dollar.USD/JPY is poised to extend its advance towards the 114.70 price zone. TheUSDJPY hit a fresh high of 114.50 but was unable to extend gains on easing demand for the greenback. The pair heads into the Asian opening trading around 114.10, holding on to modest intraday gains. The market creating the positive volatility in the market.
Technical overview: From the technical point of view we can say that market will sit towards the buy side in the market. The USD/JPY pair retains a positive stance, In the 4-hour chart, the price holds above bullish moving averages, that are finally widening their range. The Momentum indicator heads higher near its daily highs, while the RSI holds near overbought readings. Renewed buying interest beyond the 114.10 price zone will likely favor a bullish extension towards the 115.50 area. So we suggest our buyers to go for the buy in the market as the bullish signals are strongly affirmed in the market. So, it’s better to sit on the buy side in the market. The minor EMA lines will travel above the major SMA lines as they created the buy signals in the market. The support of the level is 113.19 followed by 112.60 and resistance is 114.70 followed by 115.50.
Trade idea : we can say investor can go for buy at level 114.10 target will be 114.60-115.10 and stop loss is 113.50.
